Bristol Myers Squibb 3rd-qtr 2023 earnings beat expectations, sale in line
US Pharma major Bristol Myers Squibb (NYSE: BMY) today reported results for the third quarter of 2023, which the company says reflect significant pipeline progress and advances in the portfolio renewal strategy.
Third quarter revenues were $10.96 billion, a decrease of 2%, or 3% when adjusted for foreign exchange, due to lower sales of Revlimid (lenalidomide), partially offset by the firm’s new product portfolio and in-line products.
BMS shares were down 5.5% at $56.61 in pre-market activity. The stock is down over 20% this year, while the S&P 500 index is up nearly 10%.
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